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OKX, a cryptocurrency exchange and onchain technology
company, announced today that it has selected Standard Chartered as a
third-party crypto custodian for its global institutional business. Standard
Chartered provides cross-border financial services connecting various markets
worldwide.
Standard Chartered Joins OKX Custody
The agreement adds to OKX’s services for institutional
clients, which include advanced trading tools, risk management resources, and
secure custody options. OKX plans to leverage Standard Chartered’s global
banking experience and risk management practices to expand its
custody offerings for institutional investors.
“We are committed to offering custodial services that
meet the highest standards of safety and compliance,” Standard Chartered Global
Head of Financing & Securities Services Margaret Harwood-Jones said.
“Serving as OKX’s third-party custodian allows us to extend
our expertise into the evolving cryptocurrency sector, providing institutional
investors with the assurance they require.”
⚡️ BREAKING: #OKX has partnered with Standard Chartered as a third-party custodian to strengthen its services for institutional clients.#StandardChartered #Blockchain #CryptoNews pic.twitter.com/iBUTf6CckV
— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) October 29, 2024
Meanwhile, OKX has introduced its trading
platform for retail and institutional investors in the United Arab Emirates
after obtaining a full operating license from the UAE’s Virtual Assets
Regulatory Authority, as reported by Finance
Magnates.
Study Highlights Institutional Demand
This partnership aims to enhance institutional involvement
in digital assets. It also aligns with findings in an OKX-commissioned report
by Economist Impact, titled “Digital Assets as the New Alternative for
Institutional Investors: Market Dynamics, Opportunities and Challenges.”
The report highlights the growing appeal of digital assets
for institutions and notes that 80% of hedge funds engaging in digital assets
use third-party custodians, underscoring a demand for separate trade execution
and asset custody.
OKX Global Chief Commercial Officer Lennix Lai said: “Standard
Chartered’s extensive global banking expertise and unwavering commitment to
security aligns with our objective to provide exceptional crypto services and
reinforces the confidence of our institutional clients in managing their
digital assets.”
This article was written by Tareq Sikder at www.financemagnates.com.
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